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If it seemed, perhaps, a slightly disappointing outing for the Queen at Ascot
yesterday, there was some very real compensation. Her horse Carlton House
was beaten into second place in the feature Prince of Wales’s Stakes, but
away from the course Her Majesty was very much a winner.

The Crown Estate, “the Queen’s property company”, said that it had recorded
the best performance in its history last year. The estate, which manages a
portfolio of assets on behalf of the nation, made a profit of £240.2 million
in the 12 months to the end of March, 4 per cent up